Neo dey join Web3 KYC Alliance to make blockchain compliance beta
Neo don become wetin dem dey call founding member for Web3 KYC Alliance, wey Bifrost Foundation dey lead, to make sure wetin dem dey do dey follow di rules well for blockchain industry, especially di Travel Rule wey di Financial Action Task Force (FATF) talk. Di collaboration dey include Korea Information Certificate Authority (KICA) and CODE, wey important for South Korea to follow di Travel Rule. Di initiative get plan to create one decentralized identity system wey go give soul-bound tokens (SBT) to verified users. Dis effort na to protect personal data and make di transition of Web2 businesses to blockchain-based operations easy.
Neutral
Dis development dey expect make e get neutral impact for cryptocurrency market as e concern regulatory compliance and security measures improvement only, instead of directly affecting market liquidity or trading volumes. Though news about increased regulatory compliance fit be seen as bearish signal by some traders wey value the decentralized aspect of cryptocurrencies, the better trust and legitimation of blockchain technologies wey dey come as result of dis effort fit eventually lead to a more stable and mature market. So, dem consider the impact neutral for short term, with potential positive long-term implications.